RSI is at 84, shorts have been obliterated, and BTC is approaching the same range highs that have punished late chasers all year.

Analysts say the move is supported by spot and ETF demand, though BTC will need to hold above $70k to show the rally can outlast the squeeze.

Bitcoin surged past $72,000 as over $3 billion in short positions were liquidated, fueled by Treasury bond buybacks and crypto regulation